Archive | September, 2008
Don’t Blame Accounting
I don’t know why the finance sector is pointing the finger at mark to market accounting as the culprit for dumb lending practices. I think it’s ridiculous. I’m happy to hear Big 4 firms like E&Y telling these fat cats on Wall Street to go shove it.
Continue reading...September Madness
30. September 2008
Way more exciting than March Madness! Pick who is going to end up with (or lose) all your hard earned $$. I love this stuff…
Continue reading...Poor Petters
29. September 2008
Chief Exec, Tom Petters of Petters Group Worldwide, resigned today after the Feds launched an investigation into a fraud that allegedly milked investors of over $100 million over the past decade or so. Tom looks like a pretty good looking guy…no doubt that he’ll be making lots of friends when he gets to prison. And BTW, “integrity” [...]
Continue reading...Bailout: Declined
29. September 2008
No way, Jose. That’s what two-thirds of Republicans and 95 Democrats said by voting “nay” on today’s bailout proposal. The market overreacted by dropping almost 800 points - it seemed obvious to me that Congress would resume working on the bill even if it did fail. The fact that Congress was nearly split [...]
Continue reading...McCain vs. Obama Round 1
26. September 2008
I watched the debates tonight and the night was McCain’s…he won the foreign policy argument and pretty much tied Obama on everything else. It was clear that neither candidate seemed to know what the hell to do with the economy though, which was very disappointing. Also, what’s with both of them acting like they’re at [...]
Continue reading...WAMU BOUGHT BY JP MORGAN
25. September 2008
Holy $hit. WAMU was seized by the FDIC and assets were sold to JP Morgan Chase in the biggest bank failure in U.S. History.
Continue reading...Annual Policy Reviews
25. September 2008
CFOs direct policy creation for a number of reasons but generally policies are written to guide behavior and to provide for consequences if that behavior is deemed illegal or harms the company’s assets in any way. A heap of thought, consensus and effort go into a writing a policy. However, I think it is good [...]
Continue reading...Lock and Load
23. September 2008
This is a lil’ section I like to call “target practice”. It doesn’t matter if you’re a big fish or small potatoes, you will find no safe harbor here. Check out this stud muffin, Frank Amodeo, ex Chief of Mirabilis Ventures in Orlando, Florida. He just plead guilty to a $181 million tax fraud [...]
Continue reading...The Abyss
22. September 2008
Before 1971, U.S. currency was backed to some extent by the price of gold…known as the Gold Standard. The U.S. government (I guess the Fed Reserve) began the task of separating gold from U.S. currency after 1933 but the final decoupling didn’t take place until 1971. So now enters the concept of fiat money [...]
Continue reading...The Counterfeiters
21. September 2008
Throw this one on your Netflix list…The Counterfeiters, originally entitled “Die Falscher”. True story about a Nazi concentration camp that took a group of Jewish prisoners to create the largest counterfeiting operation in history. Incredible story with a great cast. This won the Oscar for Best Foreign Film this year. Here’s the trailer [...]
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30. September 2008
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